Hormel’s 2018 Results Leave Firm on Track to Meet Long-Term Targets; Shares Unattractive
Our $36 fair value estimate for narrow-moat Hormel should not see a large change after fourth-quarter earnings. While commodity market conditions weigh near-term, we think Hormel's efforts to diversify away from undifferentiated products should alleviate some of the volatility long-term. Our long-term forecast (mid-single-digit sales growth, low-teens average operating margins through fiscal 2027) is intact, but we believe sentiment underestimates the degree of competitive pressure throughout th...Hormel Foods is primarily engaged in the production of meat and food products and the marketing of those products throughout the United States and internationally. The company's segments are: Grocery Products, which consists of the processing, marketing, and sale of shelf-stable food products; Refrigerated Foods, which consists of the processing, marketing, and sale of branded and unbranded pork, beef, chicken, and turkey products; Jennie-O Turkey Store, which consists of the processing, marketing, and sale of branded and unbranded turkey products; and International and Other, which includes Hormel Foods International Corporation that manufactures, markets, and sells the company's products internationally.
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